PNB Q1FY24 results: Net profit up 307% to Rs 1,255.4 cr YoY, GNPAs at 7.73%

PNB's net NPAs also declined to 1.98% in the June quarter from 2.72% in the previous quarter

Punjab National Bank on Wednesday reported a 307 per cent jump in its standalone net profit to Rs 1,255.4 crore in the quarter ended June 2023 (Q1FY24) as compared to Rs 308.4 crore in the same quarter last year.

As compared to Rs 1,158.61 crore in the March quarter, the net profit was up 8.3 per cent.

The bank's gross non-performing assets (GNPAs) declined to 7.73 per cent in the June quarter as compared to 8.74 per cent in the previous quarter. In the June quarter of last year, the GNPAs stood at 11.27 per cent.

PNB's net NPAs also declined to 1.98 per cent in the June quarter from 2.72 per cent in the previous quarter. In the June quarter of last year, the net NPAs were 4.28 per cent.

The bank's total income was up 34.2 per cent to Rs 28,579.27 crore in the June quarter as compared to Rs 21,294.03 crore last year.

Last month, the bank said it has raised Rs 3,090 crore from Basel III compliant Tier-II capital bonds to fund business growth. These bonds would carry a coupon rate of 7.74 per cent per annum, PNB said in a regulatory filing.

Earlier, it also announced an infusion of Rs 72.82 crore in its Bhutan subsidiary Druk PNB Bank Ltd via a rights issue. "The investment in rights Issue has been made on July 7, 2023, through participation in the issue of Druk PNB Bank Ltd (DPNBL)," PNB said in a regulatory filing. Following the rights issue, PNB retains 51 per cent of the subsidiary as of now.

As on 1:45 pm on Wednesday, PNB was trading 1.7 per cent in the green at Rs 61.72 apiece on BSE.